Gems and Jewelry Market - Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2018-2026
Gems and jewelry consists of various jewelries that are made out of gold, platinum, gemstones, and others. Gems and jewelry is one of the fastest growing markets, as it holds customary values in several cultures across the globe. Several leading companies are aiming on investing in the marketing, advertising, and launching of new showrooms for increasing publicity and expanding their presence in the market. For instance, in 2017, Kalyan Jewelers planned to invest US$ 75 million to add 15 new showrooms to their on-going expansion in Eastern and Northern regions of India. Request For Sample Copy of this Research Report : https://www.coherentmarketinsights.com/insight/request-sample/1392 The major drivers of this market include growing demand for crafted premium jewelry and precious gems. According to World Gold Council, the demand for gold jewelry has increased by around 3% in the final quarter of 2017 from its third quarter. Furthermore, changing consumer preferences towards light weight handcrafted jewelry is boosting growth of the market. For instance, The World Gold Council, in 2018, accounted that Chow Tai Fook Enterprises Ltd., a major retailer in China sold 300,000 pieces of 22 carat gold internationally. However, increasing competition from local players and rising labor cost are factors restraining growth of the market. For instance, according to Coherent Market Insights, branded jewelry covers only around 20% of the global market, which will grow and cover over 30% of market share over the forecast period. Global Gems and Jewelry Market Outlook Asia Pacific dominated the global gems and jewelry market in 2016 with India and China leading the market growth. According to the Gem and Jewelry Export Promotion Council, India’s exports of 75% of the world’s polished diamonds rose from US$ 11.16 billion in 2004-05 to US$ 22.78 billion in 2016-17. According to IBEF (India Brand Equity Foundation) 2018, gems and jewelry sector plays a significant role in the Indian economy contributing up to 7 percent of the country’s GDP and 15.7 percent to India’s total exports.